1:50 pm ET - Add BIDU to the NDX bull flag potential entry list...
1:40 pm ET - The SPX is setting up a potential horizontal breakout today...a successful breakout of 1,296 produces a new target of 1,320 with an approximate time frame of seven trading days...
11:45 am ET - There are some nice potential bull flag entries and setups in the NDX this morning: JOYG, WYNN, GILD, FLEX, CTRP, ADSK
Breakout - FLIR
Flag Setups - NVDA, SNDK, NTAP
Potential Trend Reversal Double Bottom - INTU
BMO – ES +3.00 and NQ +5.50 futures are higher 15 minutes before the open in pre-market trading and point to a higher open …
1:40 pm ET - The SPX is setting up a potential horizontal breakout today...a successful breakout of 1,296 produces a new target of 1,320 with an approximate time frame of seven trading days...
11:45 am ET - There are some nice potential bull flag entries and setups in the NDX this morning: JOYG, WYNN, GILD, FLEX, CTRP, ADSK
Breakout - FLIR
Flag Setups - NVDA, SNDK, NTAP
Potential Trend Reversal Double Bottom - INTU
BMO – ES +3.00 and NQ +5.50 futures are higher 15 minutes before the open in pre-market trading and point to a higher open …
TLT is down 20 cents and the Euro is down 10 pips in premarket trading and is above horizontal resistance…
NDX leaders AAPL, AMZN, BIDU, GOOG, NFLX and PCLN are higher in pre-market trading…BIDU and PCLN are near unchanged…
Earnings
Tue –
ALTR beat by 1 cent
DD adjusted EPS beats by 18 cents
AKS adjusted EPS beats by 14 cents
JNJ adjusted EPS meets consensus
TRV beats by 21 cents
VZ beats by 38 cents
X misses by 62 cents including 23 Forex loss
Wed – AMZN, MSFT, SNDK, KLAC, MMM, PG, T, F, RVBD, CRUS, GMCR, BMC, PCP, UAL
Thu – BA, CAT, CTXS, LRCX, NFLX, QCOM, SWK, UTX
Dave’s Insight for Wednesday: Was Tuesday’s early price action price fluctuation or trend change? Did you trade accordingly? Post your response in the Comments Section at the bottom of this post.
Continue to follow key earnings releases and the opportunities they create.
Moves on Tuesday
Continuation - IBM, HPQ
Resistance Breakout – INTC, ACN, NVDA
Bull Flag Bounce – HSY, DISH, SMH, SINA, MCP, GM, A, DE, LLTC, FAS
MACD Divergence Bounce – GME, HNZ
Setup Charts to Watch on Wednesday
Bull Flag Setups – MS, LDK, NYX, ESI, ZION, ALTR, HANS, F, UNP, HUM, UNG, PNC, BK, SID, FWLT, PCX, TIE, WLT, CLF, MHS, JOYG, AMD
Breakout – DTV, XLNX, NDAQ, MYL
MACD Divergence – DECK, GES, HAS, NKE
SPX
Resistance: 1300
Support: 1,281, 1,256, 1,241
Quoting Down – CMG, BA, ISRG, PCP, MHS , MA , DLR, SOHU, SPG, GES , CA
48 comments:
I took yesterday's early price action as a response to some of the earnings announcements and not a trend change.
JBlande
Dave,
Price fluctuation. I entered a few new trades in X, AKS and DECK. I closed JKS when it blew past the low of the high day but will look to re-enter. This is starting out to be my best year ever...thanks to you. I believe I will hit my goal here soon.
Thanks again,
Gary
Saw it as price fluctuation and followed my rules for entry and exit. Thanks for the insights Monday Night!
Take Care
Rich
It was price fluctuation. Did not break support. Thank you for your daily insight.
price fluctuation
Price action still above support therefore it is price fluctuation.
Best Regards,
DaveD
I saw it as price fluctuation and entered a bullish position on SINA
Saw it as price fluctuation and followed my rules for entry and exit. Thanks for all you do!!!
Kim
I'm going to be honest and say I am concerned about the big price fluctuation yesterday with the market in overbought territory. I admit to being hesitant to enter trades because I've been burned too many times in the past by taking an entry signal only to have the market start a major correction a few days later and stop me out of my trades.
Bonnie
I believe it was price fluctuation. It was good that once weaker QQQQ and RUT moved ahead of DIA. I bot VZ and HUN and SWKS according to my rules. I regret I did not buy AKS even my rules said I should.
Thank you Dave.
--Tao
Yesterday turned out to be price fluctuation. My rules and your teaching on trend kept me on the right side of the market. Some stocks I watch gave bullish entry signals and I took them. And a lot more signals early today.
Don
Good morning DAVE! To be honest, I still can't tell the difference between price fluxuation and trend change (need more trading experience). I thought the bottom was about to drop out of the market a few days ago, and I was ready to turn bearish. The $SPX seems to be staying within support/resistance that I have set on my charts. I very much appreciate the insights you share. I see the trend as up, even though last week had some rock 'n roll moments! Have a great rest of the week. Happy Trading Judy
It was price fluctuation and I followed my rules. But without your reminder I would have let my thoughts guide my trades. Even though you have taugh again and again a consistent set of principals I still find myself failing to apply them. It's as if when I should be using a socket wrench I am fooling around with a pliers even though the socket set is sitting right there on the work bench. You walk by and say 'got a socket?' and bingo (or BGO). Thanks.
I saw it as price fluctuation since support level held, continued to follow rules and having a good day! Thanx! Dave
Still playing the UP trend. Put in orders last night for TRW, SWKS and HS. Got into the trades today. Success has not been good so far this year even though my trades are grading out as A's. Just hitting more Stop Losses than Targets so far but I know that if I follow my rules it will turn around.
Dan V
hi dave and thanks for all the great information. wed. price action was price fluctuation in a up trend as the spx moved past the intraday hi of 1296.06. this is a breakout to the upside and i did trade accordingly by staying in my trades. some of them are down slightly but still above my stops. i will be looking for more setups as the day goes on.
thanks again reno bob
Price fluctuation is the consensus here and I agree. However, strong resistance could be encountered at SPX 1300 so I am taking some profits and raising stops.
Hi Dave,
The charts indicated price fluctuation. Because of your guidance I traded the charts and not my thoughts.
Thanks,
Ray
I think this is a price fluctuation. The market is still in an uptrend until we close below the low of the high day and then get conformation on the next day. Then that may ge a bull flag pattern.
Price Fluctuation. Thanks for the heads up on SWKS!
Price Fluctuation - did not even last 4 hours - most stocks did not break support by end of the trading day
Price Fluctuation - did not even last 4 hours - most stocks did not break support by end of the trading day
Price fluctuation. I adjust my stops daily & take the entry signals, without letting what "I think" is going to happen, get into the process.
Val
Just following my rules. Doesn't matter what I think.
Price fluctuation, Dave. $SPX didn't break support. And now (1/26 11:30 am MT) the bull flag has hit and passed the swing target and is breaking out.
Thanks for your continuing guidance,
Steve
Dave,
Looked like fluctuation to me and I traded that way.
Thanks TONS for your intraday comments. I know your schedule makes it tough for you to do very often but I find it incredibly valuable.
Thanks for all you do,
G. Valdes
Tuesday Morning = price fluctuation. We are still in a bullish trend (i.e. higher highs and higher lows). Market's gotta breath you know.
Tampa Trent
Yes & price fluctuation.
I can enter trades, per my rules with no difficulties!
I need greater help, please, with 1) adjusting stops, 2) how much "total acct risk to have on" as we approach resistance on the indexes and 3) smaller, similar or larger "risk per position", for example, from between early Sept through to today.
In otherwords, does "my risk", in all market conditions, stay the same in both position size and total account risk?
Thank you for All That You Do!
Scott L of Nashville
..."I can enter trades, per my rules with no difficulties!"
What I left out is, I can enter trades, "with much help from you" and! per my rules....!!!
Sorry & thank you for all your help...
SLoN
I believe that it was just 'noise' and not a trend change.
Trend consolidation...reaction to earnings announcements...not a trend change...an inside day.
Yes, I traded accordingly...I waited for today to buy and sell on their signals.
Thanks Dave for all the extra help, my trading is improving
Deborah
Price Fluctuation, I followed my rules and all entries are still going beautiful. Thanks for this extra. Some reason it said on earlier post that I was Ninga but I am Cherie (Scar).
still need some expereince to tell the difference..lot of experience..needed
I wasn't sure so I bought some protective OTM puts on SPY & QQQQ.
This morning I dumped those and took upside tades on MOS, NUE, LEN, STLD, SLV, & JOYG. All systematic and no emotion. "The trend is your friend" is the most fantastic statement I know of. 1 million thank you's.
Eric
looks like I'm a little late to the party! I do believe the price fluctuations have it, and I agree.
I was not shaken out of my positions by the noise. I'm staying with the trend and looking forward to taking profits at some point. perhaps at SPX 1320. or my price targets or a change in short term trend which ever come first, a rule. I didn't enter any new positions in front of the Fed announcement which is also a rule. I am looking forward to seeing what tomorrow brings. thanks to you I have a plan to deal with it what ever it is. up, down or sideways. thank you Dave!
Dave,
I see the price action as fluctuation and have been filled on several OCO orders today. Thanks for all your time teaching us.
Gary
fluctuation and I was prepared! Thank you for your help.
Price fluctuation. Just trading the chart this year not my thoughts and following my rules. Got into more trades this morning.
Thank you Dave
Uwe
Yesterday's early action was price fluctuation. I traded according to the charts and currently have 11 single calls all added between Friday and today. Today I placed two trades, KBH in my live account and ATI ON Plan 3 Intraday; too BAD it was not the opposite!
Thanks Dave! And good luck everyone.
Price fluctuation -the trend line was not broken. stayed in all my trades. thanks for your time.
Lee
Greetings Dave,
I do appreciate your work and effort on my behalf. I know you do all of this just for me!
Here is my BGO. Trading is a job, not a business. A business can sometimes "coast" for a day now an then, active trading can not. You know my boss, Mr Market, will dock my pay any day miss work. I miss work less often now that I have some goals and rules, but I still miss some days and my pay gets docked. OK, next I need to begin marking the calendar each day I report to work (And do my job) and watch for improvement. You can only improve that which you measure.
Is it possible for one day to be trend change? Isn't some type of confirmation of the price action needed?
I got out of GLD and SLV based on the chart, but you and Tom appear to have been right.
I stopped out of WLT and missed a day of work and missed the move today as a result. Mark the calendar.
As often as Tom is "off" he must have a fantastic trading style to still be profitable!
Sorry I got so long.
Bill C
Hello Dave,
I always get nervous with price fluctuation, because I know it can be the beginning of a trend change. I hope (yes, I tend to find myself resorting to that "strategy" now and then) it will return to the direction of the trend. I keep reminding myself to just follow rules and keep emotion out of it.
Thank you for your blog and all your teaching. I am learning and improving thanks to you!
Kathy :)
Dave, since it hadn't broken support, I kept telling myself to accept the trend until proven otherwise, as you teach. I'm a little gunshy in January because of what happened in Jan of 2010, when I got real bullish and paid the price. But the signal was there last Jan. 21, so in retrospect, there is less to fear. If it becomes a trend change, well time to get out.
So I stayed with my bull flag breakouts, and was rewarded through today. Thanks for having our backs Dave, good to know we have the veteran mind to keep our keels steady! and good trading to YOU!!
John R
San Fran
I set my stops according to my rules, and I didn't get stopped out of my positions. Based on that, I'm saying price fluctuation.
After last Wed I moved stops up tight and was stopped out of most positions on Thursday. I enterd new trades on Friday (one was NVDA) and have stayed with the trades and are still in them.
ve33
The price action was a fluctuation where people were taking profits thus driving the market down and many came back into the market at the close. I got stopped out of some trades and placed trades or added to positions in stocks that had started a bounce off of support or a break of resistance.
DL
Price fluctuation... Got stopped out on 4 of 5 trades. Orders in for re-entry of the same stocks.
Even though stopped out, they are great trades. I got those losers out of the way!
The rules rule!
Hey
visiting this blog is our real pleasure. Should like to thank admin for sharing such a useful information and starting this thread in addition to that we suggest traders not to panic when Nifty is in profit booking state. Investors and traders should understand that in volatile stock market conditions they should switch to swing trading.
Good Day
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